details added (first version posted at 13:18)
Baku, Azerbaijan, Feb. 29
By Azad Hasanli - Trend:
The European Bank for Reconstruction and Development (EBRD) is considering financing of TAP (Trans Adriatic Pipeline) and TANAP (Trans-Anatolian Natural Gas Pipeline) as part of the Southern Gas Corridor, Neal McCain, head of the EBRD local office, said.
McCain made this statement during the second Southern Gas Corridor Advisory Council Meeting in Baku on Feb. 29.
He said that the internal approval process within EBRD is moving on quickly.
"The Southern Gas Corridor will clearly have an important role to play in Europe's energy security and the future of diversified economy of Azerbaijan," he said.
He said that EBRD remains committed to supporting Azerbaijan in its efforts to diversify its economy.
The Southern Gas Corridor project envisages transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian Sea to Europe through Georgia and Turkey.
At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.